The continuous T-Note contract has traded well above the midpoint resistance shown in the chart, suggesting that April’s show of strength was no fluke.  In fact, there is now the strong possibility of a further four percent rally. That would of course hold bearish implications not just for stocks, but for gold, Silver and the entire commodities complex.  In the meantime, it would take a selloff exceeding 122^04 to the downside to turn the hourly chart bearish.